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Table of Contents

• What is Influencer Marketing Software?
• The benefits of Influencer Marketing Software
• Typical features of Influencer Marketing Software
• The cost of Influencer Marketing Software
• Considerations when purchasing Influencer Marketing Software
• Relevant Influencer Marketing Software trends

What is Influencer Marketing Software?

Influencer Marketing Software helps marketing professionals discover, develop, and track relationships with prominent social influencers to connect with their audience and promote corporate brands. It also enables marketing teams to view, edit, approve, and/or reject influencer-generated content from a single platform.

An influencer marketing tool also enables businesses to monitor influencer marketing campaigns and derive data-based insights while ensuring the following:

• Filter and segment influencers based on their niche
• Run marketing campaigns
• Campaign management and communication tools
• Streamline influencer relationship management efforts
• Influencer content dashboard to evaluate the performance
• Import and export of influencer data

The benefits of Influencer Marketing Software

The following are some of the most significant benefits of using influencer marketing platforms:

• Time-efficient: Influencer marketing platforms streamline all influencer marketing tasks, from discovering the right influencer for your brand to launching and managing campaigns.
• Discover right influencers: The software acts as an influencer marketplace to help marketing managers discover mega, macro, or micro-influencers, based on the brand strategy, business goals, and budget. Some tools also use AI to analyze your audience and recommend the most suitable influencers.
• Create and manage multiple campaigns: An influencer marketing platform enables you to create a well-designed marketing campaign with a suitable influencer. The software lets you track the progress of your campaigns and stay aligned with your budget.
• Analyze influencer campaign performance: An influencer marketing tool works around key performance indicators (KPIs) to help you track influencer campaigns, analyze individual influencer performance, and identify influencers with the most engagement. It helps create customizable reports with easy-to-follow data insights and full campaign transparency.
• Collect data-driven insights: The software collects data to assess and predict consumer behavior. This data can help businesses measure their performance and enhance future marketing campaigns.
• Manages influencer content: Most influencer marketing software platforms have a comprehensive dashboard that enables you to manage ad campaigns, hashtags, tags, and creatives. It collects content from content creators and lets you edit, analyze, give feedback, approve, and/or reject as per your business goals. You can also upload guidelines and campaign information on the dashboard to be referred by your influencers.

Typical features of Influencer Marketing Software

Here are some of the most common features of influencer marketing software:

• Analytics/Return on investment tracking: Track the ROI for investments, views, engagement, and reach, among other metrics, to analyze the actual impact of an influencer marketing campaign.
• Campaign management: Plan, execute, track, and analyze marketing campaigns across channels, including email, social media, surveys, giveaways, and print material.
• Campaign analytics: Monitor campaign performances to locate top-performing posts and influencers for comparative analysis. Get insights on total clicks and views, CTR (click through rate), ROI, and media value.
• Influencer discovery: Provide tools to search for and vet relevant influencers based on specific characteristics, target audience, performance metrics, demographics, ratings, post frequency, and engagement within an influencer network, search engine, database, or across social networks.
• CRM: Create a network of influencers, track interactions, and store influencer details to help with future collaborations.
• Influencer relationship management: Manage contact details and relationships with influencer CRMs and communication tools such as in-app messaging and chat. Automate administrative tasks such as messaging, negotiating, contract signing, and payments.
• Social media monitoring: Identify and determine influencer performance on various social media platforms by tracking key indicators such as engagement, reach, volume, and ROI.
• Payment tracking: Check sent and received payments, influencer commissions, and tax compliance. Analyze your payment history to determine ROI.
• Content management: Create, store, and update influencer content around your business objectives. Approve drafts, give feedback, and collaborate with stakeholders to ensure brand consistency.

The cost of Influencer Marketing Software

Most products in the market are priced on a “per user per month” basis and can be divided into three pricing tiers based on their starting price.

Price ranges*:

• $1 - $16
• $16 - $60
• $60+

*The pricing included is for the entry-level/lowest-priced offering found on vendor websites on December 31, 2021. These ranges correspond to the 25th, 75th, and 100th percentiles of pricing information gathered from vendor websites of sample products.

The above list summarizes pricing for the base plans of most products. An enterprise or premium product that is priced higher may include additional features such as advanced community analytics, data exports, tweet analytics, and advanced audience demographic.

Considerations when purchasing Influencer Marketing Software

Here are a few considerations you should keep in mind before picking the best influencer marketing platform for your business:

• Business goals and objectives: The influencer marketing software platform you choose should support your brand and marketing campaign strategy. Therefore, you should analyze and determine the prime metrics for your business goals and objectives.
• Influencer sorting and scoring: Consider if your chosen software can sort potential influencers that best serve your business objectives. It should also be able to score influencers according to their campaign performance.
• Campaign management tools: Running and tracking different marketing campaigns can be daunting. You will need a tool that makes it easy to design a marketing campaign strategy, maintain campaign records, and segment influencers according to their niches.
• Real-time campaign analysis: The software you choose should help you track your campaigns using key metrics such as likes, comments, and shares, and measure ROI. It should also enable businesses to monitor individual influencer performance.
• Content library: Consider a tool that has a creator content library. This feature enables you to check that your influencers are posting as agreed. You can also use a content library to reuse high-performing content for paid advertisements.
• Automation: Campaign automation features enable businesses to automatically run campaigns on multiple channels. If your business runs bulk influencer marketing campaigns, consider this automation functionality while purchasing an influencer marketing tool.

Relevant Influencer Marketing Software trends

• AI integrated influencer marketing tools: Using machine learning and artificial intelligence (AI), businesses can get insights into influencer data with their analytical report, including their influencer profile, location, followers count, engagement, reach, and social media goodwill. AI helps in managing campaigns from start to finish without any manual work. Some businesses have already adopted campaign response prediction platforms, enabling virtual content publishing platforms to function independently.
• Growth of specialized micro-influencers: After the pandemic, micro-influencers' (those with 1000 to 100,000 followers) engagement rates have risen by an average of 130%. Such influencers have a smaller audience than mega and macro influencers', but they create specialized content targeted to a certain niche or market. Marketers who work with micro-influencers have seen better ROI.